Traditional banking worked more towards developing the mainframe, branches, and ATMs where the strategies were circulating around cash transactions
"As a practitioner, we as consumers have evolved over the last 2 decades and now everyone is inspired to enroll in the technology journey. Ever since there has been a change in traditional business practices to the digital practice, social media has brought in a lot of self-service tools in the channel," said Gururaj Rao during his presentation at the BW Businessworld 2nd BFSI CXO Sumit 2018 on the topic 'Fintech, Mobile and New Platforms are driving a Digital Transformation of the Banking Industry'.
Mr. Rao emphasized on the technology trends in the banking sector terming them under Traditional, Digital 1.0 and Digital 2.0. Traditional banking worked more towards developing the mainframe, branches, and ATMs where the strategies were circulating around cash transactions.
At the inception of Digital 1.0, social media was at its peak which lead to an industrialization of mobile phones, analytics, and cloud. This phase according to Gururaj Rao brought in a lot of tools where consumers could derive more value from the digital ecosystem.
"Digital 2.0 is where everything including Artificial Intelligence, Internet of Things, Robotic Process Automation, Block Chain and Open Banking are the new trendsetters. There have been many use cases including fintechs partnering up with banks in order to provide core banking services, A.I. is evolving in the field of fraud analysis while adding self-service value addition services. RPA is being utilized in extracting data along with automating customer notifications. Blockchain and Internet of Things focus on transferring digital documents with a secured manner and to enhance security in banking transactions."
While concluding his special presentation, Gururaj Rao laid down the roadmap of digital transformation. He opined that the first step towards the journey is to redraw and re-imagine the architecture of the business. As businesses switch to a digitized system, it is essential for them to review their customer segments and provide them with channels most comfortable to drive user ability and understanding the digital footprints of the customer.
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